Small business

Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service.

As soon as the program was announced, I not only advised my small business clients to apply; I also tried to figure out how to take advantage of it myself.

For starters, they can use the windfall to pay off debt, shore up their HSAs and build a cash reserve.

These direct payments are intended to provide direct assistance to American taxpayers who have lost wages, jobs or opportunities because of COVID-19. But there is some fine print.

Can a home equity line of credit offer clients a bridge loan for troubled times? Says one, “I’m going to call those people and rehire them.”

Some clients can get an extension on paying taxes of up to $1 million and corporations can defer tax payments of up to $10 million.

Advisors may find it difficult to connect with the people who need financial help the most.

For years, I helped clients make choices that improved their happiness and work-life balance. Why wasn't I doing the same for myself?

This recently passed bill is groundbreaking retirement legislation and will substantially alter the landscape for employer-sponsored retirement plans and individual savers.